Subbarao meets FM, expresses concern over Ulip ordinance

Reserve Bank of India (RBI) governor Duvvuri Subbarao met finance minister Pranab Mukherjee on Monday in New Delhi to convey the banking regulator s concern over the ordinance brought out by the government to resolve the turf war between Sebi and Irda regarding regulatory jurisdiction over unit-linked insurance plans (Ulips). The meeting with the finance minister was regarding the regulatory ordinance. The central bank has certain reservations regarding it and we conveyed it to the minister. The final decision will be taken by him, Subbarao said after the meeting. While issuing the Securities and Insurance Laws (amendment and validation) Ordinance 2010, ...

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